Reviving long forgotten Macy's card?

toadsworth · ‎05-25-2017

So, I've been rebuilding for a year now. Two years ago, my scores were in the 400s, and last year all the baddies fell off (I was an idiot fresh out of high school). After the baddies fell off, I got a cap1 plat and a local CU platinum around last August and gardened for 6 months.

In that time I discovered this place, signed up for my actual FICO scores, checked for Amex prequal, and fast forward to now, I have that cap1 card pc'd to a QS $750 cl, $500 local CU card, $5k Amex bce, $10k Amex ed, npsl Amex platinum, $1100 neiman Marcus, $2.5k chase FU, $1k chase amazon prime, $800 chase aarp, $300 target (lol). I also have the secured loan from Alliant CU 93% paid off with my next payment due in 2021. My scores are EQ 743, TU 731, EX 737. Problem is, my oldest accounts are 9 months old, most are 2-3 months old, with my newest being less than a month/not yet reporting. My AAoA is like 3 months, and my age of oldest account is laughable too.

Backtrack to 2007-2008, when I was fresh out of high school and trashing my credit. I had a Macy's store card, and it was charged off with like $120 balance. It's no longer reporting obviously, but is there any possibility I can pay it off and have the account reinstated?

If I did that, is there a risk of the old negatives showing up on my reports? I would rather have a clean young file than an aged dirty one.

Thanks for any insight! (After my recent chase aarp approval, I'm definitely in the garden until it's time to car shop in 6 months).

Kind of have everything I want now, creditwise. Undeliberately gardening until I have some spending to do and find a 100,000 Amex Platinum offer lol

Started my credit journey August 2016, after abstaining from credit for years after some poor financial choices in high school. Started with scores in the 580s. Current scores 11/6/18 - EQ: 754 TU: 757 EX: 743

From oldest to newest: DuPage CU Visa Platinum, SL 500 now 3750, Cap1 Platinum SL 300 PC'd to QS now 1600, Alliant Credit Union Share Secured Loan $500, Amex BCE SL 5000 now 600, Neiman Marcus SL 700 now 10000, Target RedCard SL 400 now 2900, Amex ED SL 10000 now 500 (combined with Cash Magnet), Chase AARP SL 800 now 3300, Chase Amazon Prime SL 1000 now 10000, Honda Lease, Discover it SL 1000 now 7000, Synchrony PayPal 2% CB SL 3000 now 10000, Barclays Uber Visa SL 800 now 2100, Citi ThankYou Preferred SL 3300 now 5300, Chase Ritz-Carlton SL 10000 now 1500 (moved to other cards to get annual fee refund), Comenity Total Rewards Visa SL 2000 now 3250, US Bank Cash+ SL 500 recon'd to 10000, US Bank Reserve LOC 1000, Union Bank Rewards Visa SL 5000 now 5000, Amex Cash Magnet SL 9900 now 20000, Cap1 Venture SL 10000 now 10000, Discover it 3000 SL now 4000, Amex SPG Luxury 3100 SL now 3100, Amex Amazon Business Prime 10000 SL now 10000, Amex Gold NPSL, US Bank Premier LOC 5000, US Bank Visa Platinum 5400 SL currently reconning

Combined revolving CL $135,300

Goal: Spring 2019 800+ club, $50,000 combined Amex limit

Dalmus · ‎05-25-2017

While nothing is impossible, I highly doubt they will reinstate a card that has been charged off for that long. More than likely, they'll say "Sure, you can pay it off. Then feel free to apply for a new card."

You certainly have enough quality major cards with decent limits. Assuming you aren't running up your balances, adding another store card with a $300 balance will do you no good.

Its hard when you're trying to actively rebuild, but I would let everything sit as is until everything is at least 12 months old. During that gardening period, concentrate on growing the limits of what you have.. It'll be much more helpful to your credit report at this stage. Aging to two years is better

Depsite what you see from the regulars here (myself included), its not the quantity of tradelines on your report, its the utllization and age of what you have.

Good luck on your journey!

Current FICO 8 Scores: EQ: 828| TU: 805 | EX: 814

AverageJoesCredit · ‎05-25-2017

You seem to be doing really well. 3 Chase cards and 2 Amex's with real nice limits, Cap One, your local CU, and Target. I would really just let these grow and age . If your Macys is no longer reporting, theres a chance you could just cold app and be approved, Citi can be forgiving after so many years. But ask yourself do you really need it at this time?. If not, just continue to improve your profile and aaol